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Tesla CEO Elon Musk Says Recession Could Last Until Spring 2024

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Tesla CEO Elon Musk Says Recession Could Last Until Spring 2024

Tesla CEO Elon Musk Says Global Recession Could Last Till Spring 2024

Tesla and Spacex CEO Elon Musk expects a global recession to last until the spring of 2024. Musk added that his two companies are in good positions but many others are not. “Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” the Tesla boss said.

Elon Musk on Global Recession

Tesla CEO Elon Musk shared his thoughts about a global recession in a Twitter thread Friday. The thread was started by Dogecoin co-creator Billy Markus who tweeted: “Coronavirus numbers are actually pretty low. I guess all we have to worry about now is the impending global recession and nuclear apocalypse.” Musk commented: “It sure would be nice to have one year without a horrible global event.”

Another Twitter user chimed in, asking Musk: “How long do you think the recession will last?” The Tesla boss replied: “Just guessing, but probably until spring of ’24.”

The same Twitter user followed up with the question: “How much worse do you think it will get? Like a little worse or a ton worse?” Musk replied:

Varies a lot. Tesla & Spacex are in good positions, but many other companies are not. Recessions do have a silver lining in that companies that shouldn’t exist stop existing.

During Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is experiencing a recession of sorts” and “Europe has a recession of sorts driven by energy.” Meanwhile, “North America’s in pretty good health, although the Fed is raising interest rates more than they should, but I think they’ll eventually realize that and bring them down again,” he noted.

In August, Musk said that inflation has peaked but we will have a recession for 18 months.

Many people expect the U.S. economy to dip into recession. A recent survey shows that 98% of chief executives are preparing for a U.S. recession while 99% are preparing for a recession in the EU.

Goldman Sachs CEO David Solomon said this week that there is a good chance of a U.S. recession. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the U.S. economy in six months.

Renowned investor Jim Rogers believes that the recession will be the worst in his lifetime. Gold bug and economist Peter Schiff cautioned that the Federal Reserve’s action could lead to market crashes, massive financial crisis, and a severe recession.

Do you agree with Tesla CEO Elon Musk about a global recession? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Chainlink eyes 25% rally ahead of LINK staking launch in December

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Chainlink eyes 25% rally ahead of LINK staking launch in December

Chainlink (LINK) looks poised for a 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical factors.

Chainlink’s price rallies ahead of staking launch

The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called “Chainlink Economics 2.0” that focuses on boosting LINK holders’ reward-earning opportunities for “helping increase the crypto economic security” of Chainlink’s oracle services.

Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.

Additionally, demand for LINK’s parent platform, Chainlink, as an oracle service provider, should also increase.

David Gokhshtein, founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent FTX collapse.

The analyst highlighted how traders have been seeking more clarity on exchanges’ reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK’s price higher.

$LINK is definitely being overlooked. With everything that’s happened and with the new “Proof of Reserves” being pushed out there, ChainLink will be used to push that data out there.

— David Gokhshtein (@davidgokhshtein) November 26, 2022

Chainlink Labs launched its proof-of-reserve auditing services to exchanges on Nov. 10.

The speculations have helped LINK’s price rally in recent days. Notably, Chainlink’s price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.

The LINK/USD pair now eyes further upside in the near term, price technicals suggest.

A failed LINK price breakdown

LINK reclaimed its multi-week rising support trendline on Nov. 29, three weeks after losing it in the wake of the FTX-led market sell-off.

In doing so, the Chainlink token also invalidated its prevailing ascending triangle breakdown setup toward $4.

It now trades inside the pattern’s range, eyeing a rally toward the upper trendline near $9.40, up 25% from the current price levels, by the second week of December, as shown below.

LINK/USD three-day price chart. Source: TradingView

Michaël van de Poppe, market analyst and founder of Eight Global, also anticipates LINK to hit or cross above $9

#Chainlink showing a ton of strength, also expecting continuation there to happen.

If I didn’t have a long yet (but I do), then I’d be targeting for something like this in which I’d be looking at $9 area for a TP. pic.twitter.com/rRdv4eL91H

— Michaël van de Poppe (@CryptoMichNL) November 29, 2022

Moreover, a bullish continuation move above the $9.40 resistance could have LINK eye $16 next, the ascending triangle breakout target.

Related: Binance publishes official Merkle Tree-based proof of reserves

Conversely, slipping below the triangle’s lower trendline again risks bringing the breakdown setup toward $4 back in play, down about 45% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Non-whale Bitcoin investors break new BTC accumulation record

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Non-whale Bitcoin investors break new BTC accumulation record

Some non-whale Bitcoin (BTC) investors seem to have had zero issues with the cryptocurrency bear market as well as fear, uncertainty and doubt (FUD) around the fall of FTX, on-chain data suggests.

Smaller retail investors have turned increasingly bullish on Bitcoin and started accumulating more BTC despite the ongoing market crisis, according to a report released by the blockchain intelligence platform Glassnode on Nov. 27.

According to the data, there are at least two types of retail Bitcoin investors that have been accumulating the record amount of BTC following the collapse of FTX.

The first type of investors — classified as shrimps — defines entities or investors that hold less than 1 Bitcoin, $16,500 at the time of writing, while the second type — crabs — are a category of addresses holding up to 10 BTC, $165,000 at the time of writing.

“Shrimp” investors have reportedly added 96,200 BTC ($1,6 billion) to their portfolios following the FTX crash in early November, which is an “all-time high balance increase.” This type of investor collectively holds 1.21 million BTC, or $20 billion at the time of writing, which is equivalent to 6.3% of the current circulating supply of 19.2 million coins, according to Glassnode.

In the meantime, “crabs” have bought about 191,600 BTC, or $3.1 billion, over the past 30 days, which is also a “convincing all-time-high,” the analysts said. According to the data, the new milestone has broken a previous high of BTC accumulation recorded by crabs in July 2022 at the peak of 126,000 BTC, or $2 billion, bought per month.

Bitcoin net position change for addresses holding up to 10 BTC. Source: Glassnode

While crabs and shrimps have been accumulating record amounts of Bitcoin, large Bitcoin investors have been selling. According to Glassnode, Bitcoin whales have released about 6,500 BTC, or $107 million, to exchanges over the past month, which remains a very small portion of their total holdings of 6.3 million BTC, $104 billion.

The behavior of shrimps and crabs seems to be interesting given the latest industry events, with Sam Bankman-Fried’s crypto exchange becoming a subject of a massive industry scandal involving alleged fraud and funds misappropriation.

On the other hand, some big Bitcoin investors have claimed to keep being bullish on Bitcoin despite the ongoing crisis, with the government of El Salvador starting purchasing BTC on a daily basis, starting from Nov.17. Twitter CEO Elon Musk also expressed confidence that Bitcoin “will make it” despite the current industry issues, but there might be a “long crypto winter,” he said.

Related: Exchange outflows hit historic highs as Bitcoin investors self-custody

In the aftermath of the fall of FTX, Bitcoin immediately lost about $6,000 of its value, plummeting from around $21,000 below $16,000 in mid-November. The cryptocurrency has been slightly recovering over the past few weeks, edging up to no higher than $17,000.

At the time of writing, BTC is trading at $16,500, or up around 1.7% over the past 24 hours, according to data from CoinGecko.

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President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality

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President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality

digital real

Roberto Campos Neto, president of the Bank of Brazil, explained the role that the Brazilian central bank digital currency (CBDC), the digital real, might play in the future of personal finance. At an event, Neto explained the concept of “open finance,” showing a “super app” that featured PIX (a payments network) functionality, and also integration with other stablecoins already available.

Digital Real Might Connect Directly With Cryptocurrencies

The proposed Brazilian CBDC, the digital real, is ostensibly growing to have more and more functions. Roberto Campos Neto, president of the Bank of Brazil, showed the concept the bank has for the finished version of the currency. On Nov 25. at an online event, Campos Neto introduced the ideas that the institution has for the currency, under the “open finance” name.

This idea includes the integration of the digital real, which is still under development, with traditional and decentralized financial structures and institutions. A “super app,” that will allow customers to hold stablecoins and the CBDC, was also shown in the event, showcasing the connection the system will have with the already available PIX payments network.

On the app mockup, Campos Neto clarified:

This is basically a teaser of what this integration I’m talking about will be. Instead of having several apps on your cell phone, from several banks, you will have some kind of integrator.

In this way, the app will allow the users to have a complete picture of their savings, traditional or crypto-based, in just one place.

A Push for Digitization

While the digital real concept has been in development for quite some time, there is no estimated date for its completion, as the central bank and other organizations continue to test the different implementations and functions this new coin would have. However, Campos Neto stated that the currency will be a bridge to decentralized finance, as the country pushes towards monetary digitization.

On this, Campos Neto explained:

The digital real part is a bridge to the defi environment. We are bringing the digital world to the banking system. Several other central banks are doing the opposite. They are actually pushing digital out of banking.

However, contrary to what Campos Neto states, several central bank digital currencies are already being tested by myriad central banks. The European Union is currently studying the implementation of a digital euro and is expected to regulate it soon. The Federal Reserve Bank of New York is also piloting an interoperable network of central bank wholesale digital money, and a proposal has surged in Argentina to eliminate physical money.

What do you think about Campos Neto’s open finance concept for the digital real? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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